Summary by Moomoo AI
Rivian Automotive, an American electric vehicle manufacturer, reported a net loss of $1.457 billion for the three months ended June 30, 2024, widening from a net loss of $1.195 billion in the same period the previous year. The company's net loss per share also increased from $1.27 to $1.46. Despite the increased losses, Rivian's revenues rose by 3% year-on-year to $1.158 billion for the quarter, driven by a 9% increase in vehicle deliveries. Over six months, revenues jumped 33% to $2.362 billion, with delivery volumes up by 33%. However, cost of revenues outpaced sales, leading to a gross profit loss that grew from $412 million to $451 million for the quarter and from $947 million to $978 million for the six-month period. Rivian's operating expenses also increased, with research and...Show More
